Horizon Kinetics Q1 2026: Half a Book in One Land Stock

There is no 13F in institutional data quite like Horizon Kinetics'. More than half of the firm's $9.23 billion book — 51.49%, to be exact — sits in a single name: Texas Pacific Land, the land-and-royalty company that owns vast acreage in the Permian Basin and collects royalties without drilling a well. Add an 8% position in a Bitcoin trust and a roster of royalty, land, and hard-asset names beneath it, and you have a portfolio that looks like nothing else: a concentrated, contrarian bet on scarcity, real assets, and inflation protection.

This is the signature of Murray Stahl's idiosyncratic, long-horizon philosophy. Horizon Kinetics has held Texas Pacific Land for years and let it compound into an enormous position — and rather than trim it for diversification, the firm leaves it be. The reported value rose 24.8% quarter over quarter to $9.23 billion, largely a reflection of that one holding's appreciation and the firm's broader hard-asset tilt.

A portfolio built on land and royalties

The defining holding is unlike anything in a typical fund. Texas Pacific Land, at $4.75 billion, generates cash from royalties and surface rights across the Permian — an asset-light, capital-light cash machine that fits Horizon Kinetics' preference for businesses that own scarce, irreplaceable assets. Holding it at over half the book is a level of concentration almost no other manager would tolerate, and it is entirely deliberate.

The hard-asset theme runs through the rest of the book. LandBridge, another Permian land-and-resource company, sits in the top tier, alongside Permian Basin Royalty Trust and precious-metals royalty companies Wheaton Precious Metals (trimmed 29%) and Franco-Nevada (trimmed 22%). These are royalty and resource businesses — claims on commodities and land rather than operating risk — a coherent expression of an inflation-and-scarcity worldview.

The Bitcoin and inflation hedge

The second-largest position points to the same thesis from a different angle. A Grayscale Bitcoin trust position at $738.9 million (8.0%), held flat, gives the book direct exposure to a digital scarce asset — a natural complement to land and precious-metals royalties for a manager focused on stores of value outside the traditional financial system.

Hawaiian Electric, raised 12%, and various other resource and royalty names round out a portfolio whose top five holdings make up nearly 70% of the book. The common thread is unmistakable: Horizon Kinetics is positioned for a world of persistent inflation and asset scarcity, where owning land, royalties, precious metals, and Bitcoin beats owning conventional equities. It is one of the purest expressions of that worldview in institutional data.

A growing, idiosyncratic book

The reported value has trended higher, driven by its concentrated bets.

From about $5.72 billion in mid-2024, the book has climbed to $9.23 billion, with the latest quarter up 24.8% — a move dominated by Texas Pacific Land's performance given its 51% weight. The position count actually rose from 324 to 353, so the firm is broadening the tail even as the top remains intensely concentrated. For a portfolio this dominated by a single name, the reported value is essentially a leveraged read on that name plus the hard-asset complex around it.

What it signals

For investors who track institutional positioning, Horizon Kinetics' first-quarter filing is less a stock-idea list than a thesis stated in portfolio form: scarcity wins. The 51% Texas Pacific Land position, the Bitcoin trust, and the royalty and resource names together express a conviction that owning irreplaceable assets is the right posture for an inflationary, debasement-prone world. The actionable insight is the framework — when a manager concentrates this hard in land, royalties, and Bitcoin, it is telling you exactly what it fears and what it trusts.

FAQ

Why is Texas Pacific Land more than half of Horizon Kinetics' book?
Horizon Kinetics has held Texas Pacific Land for years and let it compound into a 51.49% position rather than trimming it for diversification. The firm favors scarce, asset-light royalty businesses, and TPL is the purest expression of that thesis.

What is Horizon Kinetics' investment style?
A contrarian, long-horizon focus on hard assets, scarcity, and inflation protection — land and royalty companies, precious-metals royalties, and Bitcoin — concentrated in a few high-conviction names rather than diversified across the market.

Why does Horizon Kinetics hold a Bitcoin trust?
Its 8% Grayscale Bitcoin trust position complements its land and precious-metals royalty holdings as another scarce store of value, consistent with the firm's worldview that owning irreplaceable assets beats conventional equities in an inflationary environment.

Why did Horizon Kinetics' reported value rise 24.8%?
Because Texas Pacific Land is 51% of the book, the reported value is dominated by that single holding. The 24.8% quarterly increase largely reflects TPL's appreciation alongside the firm's broader hard-asset positions.